Türkiye is set to receive a $40 billion (TL 752.64 billion) investment as the country heads toward establishing a second nuclear power plant (NPP) in Sinop province’s Inceburun district in the Black Sea region.

Accordingly, Elektrik Üretim A.Ş. (EÜAŞ), which will be the founder of the project, has been renamed as TÜNAŞ and was granted the status of "founding" for the Sinop NPP.

TÜNAŞ is planning to commence excavations at the site this year after finalizing investment negotiations with technology companies.

The plant will consist of four pressurized water reactor nuclear power units, each with a net installed capacity of 1,140 megawatts.

This will result in a total installed power of 4,560 megawatts.

The reactors are expected to operate for 60 years from their commissioning, with an annual electricity production capacity of 34 billion kilowatt-hours.

The development comes as the country continues its efforts to connect the natural gas it has discovered in the Black Sea to the national grid from the Filyos Natural Gas Processing Plant.

Construction of the first nuclear power plant in Türkiye, Akkuyu in southern Mersin province, is progressing smoothly with the first reactor already underway.

The establishment of the Sinop NGS is a significant achievement for Türkiye, and it is hoped that it will lead to a more stable and reliable energy supply in the country.

The investment will also boost the country's economy and provide new job opportunities for Turkish citizens.

Meanwhile, South Korean energy giant Korea Electric Power Corp. (KEPCO) presented a proposal regarding the construction of four reactors capable of providing 1,400 megawatts (MW) of electricity in the Sinop NPP, South Korea-based Yonhap news agency said earlier.

Yonhap reported that the project is forecast to be worth about 40 trillion won ($32.55 billion). It said the Turkish government asked KEPCO to submit a proposal in December last year.

The company reportedly said the proposal includes South Korea’s plan to carry out the project and information on its nuclear power plant construction capabilities.

"The two sides began discussions on the project in earnest. They will conduct a feasibility test to develop an optimum way to push for the project," Yonhap cited KEPCO’s statement.

It said KEPCO and the Turkish government are promoting the construction of four next-generation Korean nuclear power reactors (APR1400).

Talks for the plant in Sinop first began with Japan before they switched to Rosatom, which is already building Türkiye’s first NPP, Akkuyu.